Interim Management Statement

    Interim Management Statement
             



Eclipse VCT 3 plc ("Eclipse 3" or "Fund")
26 June 2008

Interim Management Statement
For the period from 1 March 2008 to 31 May 2008

In accordance with Rule 4.3 of the UK Listing Authority's Disclosure
and Transparency rules, Eclipse VCT 3 plc presents an Interim
Management Statement for the period 1 March 2008 to 31 May 2008.  The
statement also includes relevant financial information between the
end of the period and the date of this statement.

Financial highlights

                              Three months                    Year to
                                        to    Six months to 31 August
                               31 May 2008 29 February 2008      2007

Total net assets (£'000s)           26,810           27,735    29,825
Net asset value per share
("NAV")                              90.9p            94.1p    101.1p
Net (loss)/profit after tax
(£'000s)                           (2,558)     (1,619)          1,842
Share price                            84p              88p       97p
Cumulative dividend - paid            3.2p             2.2p      0.7p
and proposed


Investment performance
The unaudited NAV per share at 31 May 2008 was 90.9p, a decline of
3.4% on the half-year NAV of 94.1p. The fall in NAV has arisen from a
further decrease in the value of the AIM portfolio due to the
weakening economy and valuation volatility in recent months. A
write-down in the unquoted portfolio has also occurred and this is
detailed below. By value, the portfolio was approximately 52%
invested in unquoted companies and 16% invested in AIM-quoted
companies, with the balance invested in money market securities and
cash.

Investment Activity
Since 29 February 2008, there has been little activity within the AIM
portfolio.  However, there have been a number of investments in both
new and existing unquoted companies.

In April 2008, £998,418 was invested for the management buy-out of
Hydrobolt Limited.  This is in addition to £410,000 invested in
February 2008.  Hydrobolt is a specialist manufacturer of high
integrity fasteners for the oil & gas and energy sectors, and is well
positioned for the continued growth in this area.  This investment
was part of a total £4.5m investment with other Fund's managed by the
same Investment Manager.  In addition, £951,464 was invested as part
of a larger funding round into Promotion Space Limited for the
bolt-on acquisition of Brand Space Limited.

In May 2008, a further investment of £41,514 was made into Adrenalin
Design Limited and £81,173 into The History Press Limited to provide
working capital.

Unfortunately Eclipse 3 has now written down its investment in
Adrenalin Design Limited to £nil (against an investment cost of
£946,514). The company has been struggling against a very difficult
economic environment, with sales falling and costs rising, and as
such the Investment Manager has decided that the Funds should not
provide further support.  The Company has been placed into
administration and Eclipse 3 does not expect to recover any of the
investment.



The ten largest qualifying holdings by value are set out below:

Ten largest qualifying holdings

Company       Investment   Carrying value £'000         Percentage of
                   class                                 net assets
The Grill
Group Limited   Unquoted                  1,975                  7.4%
Promotion
Space Limited   Unquoted         1,678                           6.3%
Sweet Cred
Holdings
Limited         Unquoted                  1,677                  6.3%
History Press
Limited         Unquoted                  1,672                  6.2%
Hydrobolt
Limited         Unquoted                  1,408                  5.3%
Bruce Dunlop
Associates      Unquoted                  1,250   4.7%
T4 Holdings
Limited         Unquoted                  1,000                  3.7%
Tristar
Limited         Unquoted                  1,000                  3.7%
Dualcom
Holdings
Limited         Unquoted                    986                  3.7%
Audio Visual
Machines
Limited         Unquoted                    711                  2.7%


Dividends
As stated in the Interim Report to 29 February 2008, the Board has
proposed an interim dividend of 1.0p per share which will be paid on
27 June 2008 to those shareholders on the register on 30 May 2008.
Upon payment of this dividend, this will take total dividends paid
since launch to 3.2p per share.

Investment objective
Eclipse 3 invests in a diversified portfolio of unquoted and
AIM-quoted UK companies with the strategy focussing on the delivery
of absolute returns and a regular tax-free dividend stream for
investors where possible.

Material events and transactions
The Fund's Board is not aware of any other significant event or
transaction which has occurred between the 1 June 2008 and the date
of publication of this statement which would have a material impact
on the financial position on the Fund, and has not been detailed
above.



For further information please contact:
Octopus Investments Limited - 020 7710 2800


ENDS

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